Barclays downgraded Rockwell Automation to Underweight from Equal Weight with a price target of $287, down from $300. The company has attractive end market exposures and an un-levered balance sheet, but the stock’s valuation is “quite rich” after rallying 20% year-to-date, the analyst tells investors in a research note. The firm thinks Rockwell may have difficulty meeting high expectations amid a rebalance lower of factory automation orders and sales over the near term.
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